'If we go under, we're taking your cash with us' - how appalling that some punters' money remains unprotected
Chocolate teapots, inflatable dartboards, catflaps on submarines . . . These items of dubious value came to mind this week when news broke of the latest Gambling Commission action. What is the point of having such a body if it can't insist on what would seem to be the most basic levels of protection for punters?
It has always bothered me that, when a bookie goes bust, punters' funds so often disappear along with the rest of the enterprise. Arguing from first principles, is it not obvious that money should immediately be returned to sender? It hasn't been used in exchange for goods or services and it should not form part of the assets of the business, to be swallowed up by whoever the preferred creditor happens to be.
More than 17 years after the Gambling Commission was called into existence, this remains a potential disaster for any punter who leaves money lying with a betting firm. This week, my colleague Bill Barber reported that official action was at long last being taken – but unfortunately it falls some way short of game-changing.
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Published on inChris Cook
Last updated
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